Insurance Glossary

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Gap coverage - Insurance for a lessee designed to cover the difference in selling price between a vehicle's actual cash value, and the payout left on a lease.

Group life insurance - Life insurance usually without medical examination, on a group of people under a master policy. It is typically issued to an employer for the benefit of employees, or to members of an association, for example a professional membership group. The individual members of the group hold certificates as evidence of their insurance

General Average - In sea marine insurance, a loss incurred for the common cause that is shared by all parties to the venture.

General Damages - Damages awarded to an injured persons for intangible loss which cannot be measured directly by rupees. Popularly known as "pain and suffering." General damages are distinguished from special damages, which are awarded from actual economic loss, such as medical costs, loss of income, etc.

Generally Accepted Accounting Principles (GAAP) - Principles of accounting and reporting business results developed by the American Institute of Public Accountants.

General Liability Insurance - Coverage that pertains, for the most part, to claims arising out of the insured's liability for injuries or damage caused by ownership of property, manufacturing operations, contracting operations, sale or distribution of products, and the operations of machinery, as well as professional services.

Graded commission Scale - A commission scale providing for payment of high first-year commission and lower renewal commissions.

Gross Negligence - The intentional failure to perform a manifest duty is reckless disregard of the consequences as affecting the life or property of another.

Gross Premium - The premium paid by the policyholder.

Gross Rate - The sum of the pure premium and a loading element.


Contact Us

Al Ahlia Insurance
        P.O. Box 5282, 4th floor
        Chamber of Commerce Building
        Manama, Bahrain

Marketing@alahlia.com

0973 17 225860

0973 17 224870